Forbes Media sold to Hong Kong's Integrated Whale

Steve Forbes will stay on as chairman and editor-in-chief of Forbes Media

After 97 years of family ownership, Forbes Media has announced it has sold a majority stake in the company to a Hong Kong-based group of international investors.

Forbes Media - which includes Forbes magazine - was sold to Integrated Whale Media Investments for an undisclosed sum.

The Forbes family said it would still have a "significant" stake.

Steve Forbes will remain as chairman and editor-in-chief.

"While today marks a fundamental turning point in this 97-year-old company founded by my grandfather, it should be seen as an opportunity to continue and strengthen our mission," said Mr Forbes in a blog post announcing the sale.

Forbes - which says it reaches 75 million people worldwide every month through its print, digital, TV, conferences and research ventures - began looking for a buyer last November.

Forbes will continue to be headquartered in the US, but announced plans for an international expansion.